11/15/17 was down -$0.17 and the model projects that the component on yesterday's kill will drop between -0.15 and -0.45. The ZZZs are now trading discount to the component by -5.14.

With their lower bids, packers purchased 80.3% of the moving average daily purchases of total hogs and 89.8% of the moving average daily purchases of Index hogs.

This morning I have piled a batch of long M/N spread on my boat. Have orders for more.

Best wishes,

dhm